The subject property consists of two side-by-side parcels totaling 1.11 acres (48,353 SF) in Glendale's R-1250 High Density Residential zone. Each parcel has approximately 80 feet of street frontage on W Stocker Street for a combined total of approximately 160 feet.

Part A: What Can Be Built Under Current Zoning

The R-1250 zone permits 1 dwelling unit per 1,250 SF of lot area. For the combined 48,353 SF site, this yields a base maximum of 38 units (48,353 / 1,250 = 38.7, rounded down). The table below shows what the zoning code allows versus what exists today:

The 90-Foot Lot Width Threshold: The Critical Variable

Glendale's zoning code creates a two-tier system for multifamily development based on lot width. Per GMC §30.11.030 (Table 30.11-B), lots under 90 feet wide are limited to 2 stories / 26 feet, while lots 90 feet or wider can build up to 3 stories / 36 feet. "Lot width" is defined as the dimension at the front property line (GMC §30.70).

Each parcel at 420-428 W Stocker has approximately 80 feet of frontage, which falls below the 90-foot threshold. At 80 feet, each individual parcel is capped at 2 stories and 26 feet of height. This is the single most restrictive constraint on the property's development potential.

The practical impact: a developer working with the two parcels individually would tear down 27 existing units to build a maximum of approximately 38 units in a 2-story configuration - a net gain of only 11 units. The 2-story building envelope, not the FAR, is the binding constraint.

Lot Merger Scenario: Unlocking the Third Story

If both parcels were merged into a single legal lot through a lot line adjustment (per GMC Title 16, Chapter 16.36), the combined lot would have approximately 160 feet of frontage - nearly double the 90-foot threshold. This is an administrative (not discretionary) process handled by the Director of Community Development. The merged parcel must comply with area, width, frontage, and yard requirements of the R-1250 zone; since the merger creates a larger conforming lot, approval is straightforward.

A merged 160-foot lot would unlock three benefits:

1. Height increase from 2 stories / 26 ft to 3 stories / 36 ft. An additional full story of buildable area across a 48,353 SF lot is a significant increase to the building envelope.

2. Enhanced density. The code permits additional dwelling units per acre on lots exceeding 90 feet in width. This enhanced density also serves as the base for State Density Bonus calculations per GMC §30.36.030 and §30.35.030, both of which state: "The maximum density for a housing development on a lot that qualifies for additional density based on lot width shall be the highest allowable density." This means the density bonus percentage is applied to the higher base, compounding the benefit.

3. Additional open space tradeoff. Per GMC §30.31.020, a lot 90+ feet wide with enhanced density must provide an additional 900 SF of open space contiguous to the street front/side setback, plus 20 SF for each foot of lot width beyond 90 feet. At 160 feet: 900 + (70 × 20) = 2,300 SF of additional open space.

Key insight: When the parcels are separate, the height cap (2 stories / 26 ft) is the binding constraint, making it physically impossible to use the full 1.2 FAR. When merged, the third story unlocks enough building volume that FAR (not height) becomes the binding constraint. This shift from a height-constrained envelope to a FAR-constrained envelope represents a meaningful increase in the site's practical development capacity.

Important nuance: Independent analysis by Let's Go LA noted that in Glendale, "because density is increased but FAR is not" proportionally for wider lots, "the average unit size is actually driven down, despite being allowed to make the building one story taller." In practice, "many [multi-lot projects] have not maxed out the density, electing to build fewer, but larger units." The parking requirement of 2 subterranean spaces per unit may also cap practical unit count based on achievable garage capacity.

Part B: State Density Bonus Law

California's Density Bonus Law (Gov. Code §65915) allows developers who include affordable units to receive up to a 50% density bonus above the base zoning allowance. The table below shows what this means in practice for the subject site:

Critical interaction with lot width: Glendale's code (GMC §30.36.030 and §30.35.030) explicitly provides that the "maximum density for a housing development on a lot that qualifies for additional density based on lot width shall be the highest allowable density." This means a merged 160-foot lot's enhanced density would serve as the base for density bonus calculations, compounding the benefit. The density bonus percentage is applied to the higher base, not the standard base.

Even with a density bonus, the height limit remains a practical constraint for the individual 80-foot parcels (2 stories / 26 ft). For a merged lot, the 3-story / 36-ft envelope provides significantly more room to accommodate bonus units. Density bonus concessions can also include additional height waivers in certain circumstances, potentially pushing a merged project to 4+ stories.

Real-world precedent: Glendale has approved density bonus projects with significant concessions. The 515 Pioneer Drive project received height increases from 36 feet (the R-3050 base for lots 90+ feet wide) to 69 feet via automatic density bonus height increases, illustrating how the lot width threshold directly interfaces with state law to enable larger projects.

However, the density bonus requires deed-restricting affordable units for 55 years, fundamentally changing the project economics. SB 423 (extending SB 35) could provide ministerial approval for qualifying affordable projects, but the underlying cost-value gap remains.

Part C: Why Ground-Up Redevelopment Does Not Pencil

Even under the most favorable assumptions - including a merged lot with 3-story capacity and a 38-unit base project - the economics of demolition and rebuild produce a significant loss. Here is what it would cost to tear down and rebuild:

Primary source: Ward, Jason M. & Schlake, Luke, "The High Cost of Producing Multifamily Housing in California," RAND Corporation, RR-A3743-1, April 2025. Key finding: California's average market-rate multifamily production cost is approximately $430,000 per unit - 2.5× Texas (~$150K) and nearly 2× Colorado (~$240K). Los Angeles metro is among the most expensive submarkets in California.

And here is what the finished building would be worth, assuming brand-new Class A rents of $3,250/month per unit:

Part D: Legal & Regulatory Barriers to Demolition

Beyond the economics, five layers of California and Glendale law create significant barriers to demolishing the existing apartments:

1. SB 330 - Housing Crisis Act (Gov. Code §66300 et seq.): Prohibits net loss of residential units. All 27 demolished units must be replaced in the new project at the same affordability level. If current tenants are lower-income (likely, given rents of $900-$2,050 for several units), replacement units must be deed-restricted affordable. No demolition permit can be issued until replacement and relocation agreements are executed and recorded with the city.

2. Ellis Act / AB 1399 (Gov. Code §7060 et seq.): If the owner uses the Ellis Act to withdraw the property from the rental market, the withdrawal date is the latest termination date of any unit - all 27 units must be simultaneously vacated. If any unit is re-rented during the constraint period, the entire property must be returned to the rental market at prior rents.

3. Glendale Tenant Protections (Ordinance 5922): Just cause eviction is required for all covered units (built before Feb 1, 1995). Relocation assistance of 3 months' rent is payable to each displaced tenant (~$186,000 total for 27 units). Demolition qualifies as just cause only when work costs exceed 8× monthly rent per unit and renders the unit uninhabitable for more than 30 days.

4. CEQA: A 38-unit ground-up project in Glendale would likely require environmental review under the California Environmental Quality Act unless it qualifies for a categorical exemption or streamlined review. Glendale's Design Review process (GMC Chapter 30.47) adds discretionary review, additional time, and the risk of public opposition.

5. SB 423 Limitations: Even SB 423's ministerial approval path requires affordable housing set-asides (below-market units with 55-year deed restrictions). While this could bypass CEQA and design review, the underlying economic gap ($13-15M loss) remains.

Note: This analysis should be verified with the Glendale Planning Department (818-548-3200) to confirm the specific development standards as applied to the subject parcels and the precise lot widths per the recorded surveys.

Interactive map available at the live URL.

Individual Comp Analysis

437 W Glenoaks Blvd (9 units, $2.8M, 12/31/2025): "Santa Barbara Apartments" - a trust sale featuring 4 two-bedroom and 5 one-bedroom units. Recently updated with new electric subpanels in every unit, new main service panel, updated asphalt, fresh exterior paint, upgraded railings, and new irrigation. Three apartments recently remodeled. Sold above asking ($2.75M list to $2.8M sale, 101.82% SP/LP) in just 30 DOM, signaling strong buyer demand in the 91202 submarket. Tenants pay all utilities. At $311K/unit, this is the lowest $/unit among non-distressed comps but reflects only 9 units. The nearly identical cap rate to the subject (4.93% vs. 5.00%) validates income-based pricing. The subject's higher $/unit ($333K) is justified by 3x scale and 1.1-acre lot with ADU potential.

559 Glenwood Rd (7 units, $2.565M, 12/8/2025): Off-market MLS Entry Only transaction with zero financial data, no condition information, and no unit details. Its primary value is as a $/unit reference point: at $366K/unit for a 7-unit building in 91202 with unknown condition, it demonstrates that even small, unmarketed Glendale properties trade above the subject's $333K/unit. The 1952 vintage is nearly identical to the subject's 1953.

704 Palm Dr (14 units, $6.35M, 10/31/2025): Another off-market MLS Entry Only sale with no financial data. Built in 1987 (34 years newer than subject), this property represents a fundamentally different product class. At $454K/unit, it establishes the ceiling for mid-size buildings in 91202. The subject's $333K/unit (27% below) appropriately reflects the vintage gap. Notably, this comp's $/SF ($346) is actually lower than the subject's ($397), because the comp's 18,373 SF building on a 13,011 SF lot has a tighter building-to-land ratio.

336 E Dryden St (8 units, $3.24M, 9/9/2025): Premium comp in Rossmoyne (91207) with extensive capital improvements: new roof, copper plumbing, dual-pane windows, new sewer line, and select unit remodels. This pride-of-ownership property (first time on market) sold quickly at 98.18% of ask in just 11 DOM with cash financing. Unit mix of 7x 2BR/1BA + 1x 1BR/1BA closely mirrors the subject. At $405K/unit and 4.84% cap, it reflects the value of completed capex in a premium location. The subject's $333K/unit (18% below) is the appropriate discount for 91202 vs. 91207 location, less-updated condition, and 3.4x larger scale.

125 E Fairview Ave (9 units, $4.24M, 6/17/2025): The absolute ceiling for Glendale multifamily. Built in 1986 with central AC, gated access, subterranean parking, private balconies, and spacious 2BR/2BA units. Sold in 1 day at 99.18% of ask, reflecting extreme buyer demand. Located in Rossmoyne at the corner of Brand Blvd, the most prestigious Glendale submarket. At $471K/unit (41% above subject), this comp demonstrates the premium for newer, institutional-quality product. The cap rate (4.83%) is nearly identical to the subject (5.00%), confirming that the Glendale market prices consistently around 5% regardless of vintage. The premium for newer/better product flows through $/unit and $/SF, not cap rate.

1244 N Columbus Ave (12 units, $3.65M, 5/30/2025): The only comp with an identical year built (1953) to the subject. However, the unit mix is fundamentally different: 10 one-bedroom and 2 two-bedroom units (83% 1BR vs. subject's 89% 2BR). The sale was slow: 95 DOM, two price reductions (from $3.995M to $3.795M), and $73,000 in concessions bringing the net effective price to ~$3.577M ($298K/unit). Updated with copper plumbing, new asphalt, sewer clean-outs, and a 2017 roof. The very low 4.38% cap and high 16.11 GRM reflect deep value-add pricing. The subject's stronger income metrics (5.00% cap, 12.15 GRM) mean a buyer gets significantly more income per dollar, and the subject's 2BR-dominant mix commands a premium. This comp establishes the floor for same-vintage, same-zip product.

617 W Stocker St (9 units, $3.546M, 2/20/2025) - PRIMARY ANCHOR: The single most relevant comparable. Located on the same street with an identical unit type (all 2BR/1BA), same 91202 zip code, and same GLR4YY zoning. MLS remarks describe the location as "arguably the best location in Glendale... north of Glenoaks in the 91202 zip code, nestled just below multimillion-dollar homes, 3 schools within 1 block walking distance." The property was updated with a pitched roof, all new windows/sliders, and several remodeled unit interiors. Listed at $3.65M, contracted in 15 DOM, closed at $3.546M (97.15% SP/LP) after a long escrow. Same agent represented both buyer and seller (Levon Alexanian). At $394K/unit and $402/SF, the subject's pricing at $333K/unit is a 15% discount and $397/SF is nearly identical. This discount is the correct magnitude for a property that is 3x larger, 9 years older, and less updated. The near-identical $/SF ($402 vs. $397) is the strongest single validation of the $9.0M apartment value.

950 N Louise St (25 units, $9.25M, 1/24/2025) - BEST SIZE MATCH: The closest unit-count comparison (25 vs. 27 units) and the only comp in a similar price tier. A Marcus & Millichap listing (Andy Kawatra) that was listed at $9.95M and ultimately sold at $9.25M (93% of ask, 129 DOM). This is a fundamentally premium product: 3-story elevator building in 91207 Rossmoyne, 1,388 SF average units (vs. subject's 840 SF), common AC system, and $1M+ in owner capex invested (17 of 25 units upgraded with hardwood floors and granite countertops). The MLS confirms R1250 zoning, validating our zoning assumption for the subject. Despite all premiums, it traded at $370K/unit, only 11% above the subject's $333K/unit. The subject offers a comparable 5.00% cap (vs. 5.17%) with significantly more upside ($138K rent + $127K ADU NOI) on a property that has not yet captured its value-add potential.

Four-Metric Positioning at $9.0M Apartment Value

The four-metric analysis positions the subject as a value-oriented acquisition with above-market income yield and significant organic upside - exactly where a 27-unit, 1953-vintage, light-value-add portfolio should price relative to smaller, newer, renovated comparables in the same market. The comparable sales data supports the apartment income valuation presented in the Financial Analysis section below.

Interactive map available at the live URL.

2-Bedroom Rent Comparables

1-Bedroom Rent Comparables

The subject's 2BR units currently rent between $900 and $2,630/month, with a market potential of $2,650. The mid-market comps on Stocker Street and Dryden Street ($2,470-$2,695 for updated 2BRs) establish the achievable rent level for units with light renovations. The luxury comp at 439 W Stocker ($3,479-$3,498) represents the ceiling after full gut renovation. With 22 of 24 apartment 2BR units currently below the $2,650 market threshold, there is approximately $138,000 in annual rent upside achievable through organic lease turnover and measured rent increases under AB 1482's 5% + CPI framework.

Front house rent estimate: The 4BR/3BA Craftsman at 420 W Stocker (2,500 SF) is modeled at $5,000/month. Standalone 4BR SFR comps in 91202 range from $5,500-$7,500/month, but a 15-25% discount is applied for the multifamily-lot setting (shared parking, foot traffic, less privacy). The property was listed at $3,850-$3,900/month in 2009 and expired without leasing, confirming the multifamily discount was a factor even then. Adjusting for approximately 35-50% Glendale rent growth since 2009 supports the $5,000/month estimate.